My Son Dumped All His Student Loans in My Lap. What Can I Do Now?

By on February 5, 2018

Question:

Dear Steve,

My son left me with his student loans. Government loans $97,000 and a (cosigned) private student loan with Discover Student Loans $26,000. It seems I’ve been paying forever and the balance of the loan stays the same or goes up in balance. Discover keeps raising the rates and I will never pay off. I am 56 and need to save for retirement. Please help

Do you have any suggestions to help me out?

Jesse

Answer:

Dear Jesse,

Please post the response to these questions in the comments below so I can assist you.

1. Are the federal student loans Parent Plus loans or are they in his name?
2. What specifically was the Discover private student loan used for? Tell me what school and what year and if the loan was used for school expenses alone.

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About Steve Rhode

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13 Comments

  1. darlalippe

    February 6, 2018 at 12:51 pm

    The list of attorneys do not include Pennsylvania.

    • Steve Rhode

      February 6, 2018 at 2:04 pm

      Those are attorneys I know. You can look here.

  2. darlalippe

    February 6, 2018 at 12:48 pm

    I found the schoold code on the temple university japan website and it is 003371.

    I dont have much debt besides the student loans. This is why it drives me crazy, because I like paying of my debt. I only have a car loan and one credit card which I pay off every month.

    Thank you so much for you information! I will take a look at the links you provided. Darla

    • Steve Rhode

      February 6, 2018 at 2:04 pm

      According to the 2011-2012 approved list, there was no program in Japan that was approved at that time.

  3. Jesse

    February 5, 2018 at 2:50 pm

    Son dumped his student loans in my lap.

    • darlalippe

      February 5, 2018 at 8:33 pm

      1. Are the federal student loans Parent Plus loans or are they in his name?
      Yes, the federal loans are parent loans in my name. (Jesse is my son)
      2. What specifically was the Discover private student loan used for?
      Use for classes at Temple University Tokyo, Japan and maybe some for living, but dont remember
      Tell me what school and what year and if the loan was used for school expenses alone.
      Temple University Japan, 2012 Mostly classes, but maybe some for living expenses

      Darla Lippe

      • Steve Rhode

        February 6, 2018 at 9:59 am

        Okay. Since they are Parent Plus loans they are your responsibility solely. The best payment you can get on these would be to put them, for free, into a Direct Consolidation Loan and then opt to repay them through the Income Contingent Repayment program. You can use the repayment estimator to see what that new reduced payment would be.

        Keep in mind, when you retire your payment will be even lower based on your new income. Unless you pay the loans off in full you will always have some sort of payment on these Parent Plus loans and this will give you the lowest payment.

        The Discover private student loan may not be protected if you filed bankruptcy. I could not locate a federally approved university in Japan in 2012 looking at http://euro-video.info/103019/federal-school-code-list-2011-2012-2

        If you have other consumer debt it is worth considering a consumer bankruptcy filing to eliminate that debt and then maximally save for retirement. If you don’t prepare for living when you are not earning, nobody else is going to do that for you.

        If you want to explore the issue with the Discover loan or you want to talk to an attorney about looking at bankruptcy, here is my list of student loan attorneys. http://euro-video.info/102304/list-student-loan-attorneys-consider-assistance

        Steve

        • darlalippe

          February 7, 2018 at 1:52 pm

          Steve, Do you know of a student loan attorney in Pittsburgh area?

          • Steve Rhode

            February 7, 2018 at 2:01 pm

            I don’t but you can start with that link I gave you yesterday.

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